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Credit Card Debt Archives

Bankruptcy may avoid aggressive credit card debt collection

Credit plays an important role in our society. It can give individuals and businesses access to money when they are unable to come up with the money on their own at the time, which can either help bridge a gap in income or assist in economic growth. However, oftentimes with exorbitant interest rates, credit cards can be financially dangerous. Those who overuse them, underpay their bills, or otherwise use them inappropriately can find themselves with overwhelming debt.

Debtors have rights and options when it comes to credit card debt

Many people in Lisle have had to depend on a credit card for one reason or another. Perhaps they had an unexpected car repair, a medical bill or maybe they've experienced a decline in income or even a job loss, meaning they had to pay for their everyday expenses with a credit card. Whatever the cause, what most can attest to, is that credit card debt can be burdensome or even overwhelming. However, people who are facing credit card debt still have rights and options under the law.

We can help restart your financial life

Nowadays, Illinois residents, like the rest of the country, have begun to rely on plastic rather than paper-credit cards rather than cash. Though it feels exhilarating to swipe a credit card through a machine and worry about the bill at a later time, as mentioned previously on this space, credit card debt has a way of catching up with you. And once it does, the late penalty fees and interest charges can spiral out of control. This might lead to wage or non wage garnishment techniques that can further impact a person's spending capacity.

What is 'non-wage garnishment' in Illinois?

The use of credit cards has been rising in the United States for decades. The result of a cost of living, including medical costs and other sometimes unexpected necessities, that has tended to outstrip real wage gains for the working class, has been that many people are thousands of dollars in debt. Add in the prevalence of high-interest rate cards being available for people with less satisfactory credit, and the pushing by the popular media of a consumer mindset, and you have the makings of a debt crisis in Illinois and across the country.

Credit card debt rises to $1 trillion in the United States

Some people in Illinois may find credit cards to be frivolous. After all, with a swipe of the card any luxury item can be purchased without thought about how the card owner is going to pay the debt back. However, credit cards are often used for much more necessary purposes. A car repair, a medical bill, even food or gas may all get put on a credit card when a person has no other means to afford these basic life necessities.

Why car title loans should be avoided

During tax season, it is popular for tax preparation companies to advertise refund anticipation loans to placate people who just can’t wait for their refund checks to arrive. These loans are high interest, high risk loans that consumers should stay away from, but given the advertised sales for a number of items (particularly vehicles), it is not surprising that these loans have such a following.

Can you make a plan to pay down credit card debt?

The reports on the national economy for the last several months have been mostly positive. However, there is always one big issue that could be a potential wrecking-ball: debt. Millions of Americans are dealing with debt of all kinds: student loan debt, mortgage debt and, perhaps most important of all, credit card debt. For those Illinois residents who are facing thousands of dollars in credit card debt, a recent article had a few tips on how to dig out from this hole.

How the Fair Debt Collection Practices Act regulates contact

Illinois debtors who are experiencing financial trouble and are determining how to proceed might find themselves being contacted by creditors. In some instances, this contact in an attempt to collect on consumer debt might be deemed as creditor harassment. Many debtors are not aware of the Fair Debt Collection Practices Act (FDCPA) and how it protects them from certain forms of contact. Understanding the law and the protections it affords consumers is important when trying to stop these calls and other forms of contact.

Pre-bankruptcy counseling is mandatory in Illinois

Illinoisans find themselves under financial stress for a lot of reasons. Some suffer from medical debt; others are besieged with credit card debt. Whatever the reason for their debt, Illinoisans feeling squeezed may want to consider an option that could provide relief: bankruptcy.

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